Despite spending over £175 million in the last seven years, and playing in Europe for three consecutive seasons, Levy has admitted that Tottenham are proof that money does not guarantee success in the Premier League.

"If you look at the amount of money we have spent compared to Arsenal over three, five or 10 years, we have spent considerably more," he said. "So money definitely doesn't buy you success in this business.

"If you compare us with some of the other clubs I'd have to say we have underachieved."

The club recently revealed that the last 12 months have seen their finances boosted, with turnover going up by 11 per cent, but Levy says that this does not mean a spending spree in the January transfer window.

"Harry has a group of international players, that we believe are very talented," he said. "In January we will see limited changes.

"Ultimately my responsibility is to make sure that the club are in a stable financial position."

Tottenham play host to Liverpool during this weekend's Premier League action, a challenge for which midfielder Jermaine Jenas claims the side need have no fear.

"The important thing is that we have got two good results now," Jenas said. "We have got a big game at home to Liverpool and if we can win that it will be a great end to a good week.

"You can feel it while you are out on the pitch. You can feel the belief coming back in us, knowing that we can get these results now."